I'm looking to file bankruptcy due to being in a lot of debt. I was involved in a workers comp case almost two years ago and have accrued much debt as i was out of work for 6 months. I have a conclusion to a pain and suffering lawsuit forthcoming where I am expected to get a good amount of money. My question is can I file for bankruptcy and keep my settlement money or will the government take it?
1 Answer from Attorneys
You need to speak with a bankruptcy attorney (we give free initial consults). Just based on the fact it is a "pain and suffering" lawsuit, there is a likelihood that the money may be taken, but a thorough review of your assets and debts need to be reviewed. there may be a potential for the funds to be exempted out, it will depend on your exemptions and the amount you expect to receive.